Envipco Holding (ENVI) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues declined 13% year-over-year to €23.1 million, with sequential growth from Q1 and continued timing issues impacting results.

• Gross margin improved to 36.6% from 35.6% in Q2 2024, with gross profit at €8.4 million and EBITDA at €0.4 million.

• Net loss widened to €2.5 million in Q2 2025, compared to €0.5 million in Q2 2024.

• Major new orders secured in Poland (1,000 RVMs) and Portugal (250 RVMs), positioning for H2 2025 growth.

• Headcount increased to 505, reflecting ongoing investment in team and operations.

Financial highlights

• Q2 2025 revenues: €23.1 million, down 13% year-over-year; H1 2025: €44.1 million, down 18%.

• Gross margin: 36.6% in Q2 2025 (Q2 2024: 35.6%); gross profit: €8.4 million.

• Operating expenses rose to €10.4 million in Q2 2025, up 17% year-over-year.

• EBITDA: €0.4 million in Q2 2025 (Q2 2024: €2.6 million); H1 2025: €0.9 million (H1 2024: €5.6 million).

• Cash at quarter-end: €18.9 million; total borrowings increased to €22.4 million.

Outlook and guidance

• Expects strongest quarter in Q4 2025, with Poland and Portugal orders impacting revenue mainly in H2 2025.

• Well positioned for DRS market expansion in Europe, driven by new legislation and anticipated launches.

• Ongoing investments in team, production, and supply chain to capture multi-billion Euro market opportunity.